Mavericks surf competition founder Jeff Clark announced Tuesday he is suing the company now managing the famous contest, claiming that new directors have not honored contract and financial obligations.

Clark filed a complaint in San Francisco Superior Court, alleging that Mavericks Surf Ventures Inc. CEO Keir Beadling and the company's directors breached two contracts with Clark, withheld payments, and did not disclose basic financial information to shareholders, according to Clark's attorney, Richard Mooney.

Clark founded the competition, which brings surfers from around the world to Half Moon Bay to await ideal surf conditions during a pre-specified window of time. When wave conditions are ideal, contestants are given 24 hours notice that the competition will be held.

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In 2003, Clark partnered with Evolve Sports, which led to the creation of Mavericks Surf Ventures to run the event. The company announced last year that Clark was stepping down as contest director, however Clark has said in interviews and on his personal blog that he was forced out of the contest he founded.

“Jeff was ousted from his position,” his attorney Richard Mooney said Tuesday afternoon. “They continue to use his name and likeness to promote the competition and the contest, even after they made sure he couldn't have any connection to it.”

MSV representatives and its attorney Paul Marotta could not immediately be reached for comment.